Problem 2 From the following information for Declan's Decals, prepare a State indirect Cash Flows for the year ended December 31, 2018 using both the direct and the methods Balance 12/31/18 Balance 12/31/17 20,000 35,000 90,000 3,000 270,000 20,000 Cash 80,000 68,000 70,000 500 340,000 80,000 120,000 2,000 35,000 6,000 7,500 6,000 16,000 120,000 300,000 120,000 1,200,000 575,000 260,000 24,000 70,000 60,000 15,000 9,000 14,000 52,000 Accounts Receivable Inventory Prepaid Insurance Equipment Accumulated Depreciation Land Security Deposits Accounts Payable Wages Payable Rent Payable Interest Payable Taxes Payable Note Payable Common Stock (S1 each) Retained Earnings Sales Cost of Goods Sold Wage Expense Rent Expense 10,000 30,000 10,000 6,000 7,000 5,000 140,000 160,000 50,000 Office Expenses Depreciation Expense Advertising Expense Insurance Expense Interest Expense Income Tax Expense The equipment was acquired on March 31, 2018 for cash. The additional common stock was sold on June 30, 2018 for $1 per share. The company did not sell any equipment during the year. All the rest of the equipment and the land purchased during the year was purchased for cash. The Note Payable requires payments of $20,000 principal plus interest at 10% on June 30th of each year